Pierre Lamuniere, chairman of FIPP, opened the FIPP World Magazine Congress in London this morning with a gloomy assessment of the state of the global magazine industry saying: "We are struggling through the worst recession our industry has faced."

With the exception of China and Brazil, he said, the industry was in a position where publishers had no choice but to downsize, but he warned against pessimism, saying it was important to adopt a long term perspective, innovate digitally, still encourage the purchase of prosperous magazine businesses.

This, he said, would help create magazine publishers come out of the recession leaner, and better able to face the future media market. It's likely to be a theme repeated throughout the congress.

London mayor Boris Johnston, had earlier welcomed members of the international magazine industry to the two-day London event, held at Old Billingsgate by the Thames, saying London was home "to some of the greatest and oldest magazines."

"Spectator [which he used to edit] was read in coffee houses long before Starbucks was invented," he said in a video address.

The congress is expected to hear later today from a host of leading lights from the international publishing industry, including Carolyn McCall, chief executive of Guardian Media Group (which owns MediaGuardian.co.uk) and John Smith, chief executive of BBC Worldwide, who will both be speaking this morning on a panel looking at managing business through the economic downturn.

Following them Maurice Levy, chief executive and chairman of Publicis Group, will share his thoughts about the state of the global advertising market.

After lunch, magazine impresario Felix Dennis will take to the stage to talk about innovating in an economic downturn.